109.00.10-II. Purpose of the Neighborhood Stabilization Program
AR ADC 109.00.10-IIArkansas Administrative Code
Ark. Admin. Code 109.00.10-II
109.00.10-II. Purpose of the Neighborhood Stabilization Program
The Neighborhood Stabilization Program (NSP) is authorized by the Housing and Economic Recovery Act (“HERA”) (Public Law 110-289) and requirements contained in the HUD Federal Register Notice published October 6, 2008 (Docket No. FR-5255-N-01) and as revised in a “Bridge Notice” published June 15, 2009 (Docket No. FR-5255-N-02). (The Bridge Notice includes changes from the American Recovery and Reinvestment Act of 2009 (ARRA).)
The primary purpose of NSP is to provide emergency assistance for the state to acquire and redevelop foreclosed properties that might otherwise become sources of abandonment and blight within their communities. Arkansas' NSP program provides loans to purchase foreclosed or abandoned homes and to rehabilitate, resell, or redevelop homes in order to stabilize neighborhoods and stem the decline of house values in neighboring homes.
As the administrator of the state of Arkansas' NSP funds, ADFA has designed its programs into two main categories-the NSP Rental Housing Program and the NSP Homeownership Housing Program.
Credits
Adopted Aug. 27, 2009.
Current with amendments received through February 15, 2024. Some sections may be more current, see credit for details.
Ark. Admin. Code 109.00.10-II, AR ADC 109.00.10-II
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